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Howard Marks Oaktree Capital Management

AUM $7.21B
1-Year Est. Return 45.97%
 

Howard Marks is co-founder of Oaktree Capital Management, a leading firm in credit, distressed debt, and alternative credit strategies. He is equally well known for his widely read client memos on market cycles, risk, and investor psychology. Marks’s investing philosophy stresses second-level thinking, asymmetric risk/reward, and the importance of understanding where markets sit in the credit cycle.

This Fund
S&P 500
This Quarter Est. Return
+2.83%
1 Year Est. Return
+45.97%
3 Year Est. Return
+88.04%
5 Year Est. Return
+157.91%
10 Year Est. Return
+691.44%
AUM
$5.2B
AUM Growth
+$283M
Cap. Flow
-$2.44B
Cap. Flow %
-46.93%
Top 10 Hldgs %
32.91%
Holding
177
New
8
Increased
19
Reduced
11
Closed
9

Top Buys

Rank Stock Value
1
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$238M
2
SBLK icon
Star Bulk Carriers
SBLK
+$28.8M
3
WELL.PRI
Welltower Inc.
WELL.PRI
+$27.4M
4
NTAP icon
NetApp
NTAP
+$15.4M
5
ETFC
E*Trade Financial Corporation
ETFC
+$14.7M

Top Sells

Rank Stock Value
1
CHTR icon
Charter Communications
CHTR
+$135M
2
FBP icon
First Bancorp
FBP
+$62.5M
3
CZR
Caesars Entertainment Corporation
CZR
+$28.5M
4
SWY
SAFEWAY INC
SWY
+$11.8M
5
UTX.PRA
UNITED TECHNOLOGIES CORP CORP UNIT (DE)
UTX.PRA
+$11.1M

Sector Composition

Rank Sector Weight
1 Financials 8.28%
2 Industrials 6.42%
3 Energy 5.01%
4 Utilities 3.76%
5 Consumer Discretionary 3.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FLG.PRU
26
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$16.4M 0.31%
332,500
+182,500
+122% +$8.88M
NTAP icon
27
NetApp
NTAP
$37.7B
$15.8M 0.3%
+370,000
New +$15.4M
PULS
28
DELISTED
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
$15M 0.29%
3,844,658
-1
-0% -$4
CWH.PRD
29
DELISTED
COMMONWEALTH REIT 6.50% PFD CUMV CONV SHS SER D
CWH.PRD
$13.7M 0.26%
653,285
+66,456
+11% +$1.45M
EMC
30
DELISTED
EMC CORPORATION
EMC
$10.2M 0.2%
+400,000
New +$10.4M
PBR icon
31
Petrobras
PBR
$123B
$10.2M 0.2%
658,860
+61,030
+10% +$869K
MO icon
32
Altria Group
MO
$110B
$9.89M 0.19%
+288,000
New +$10.1M
VALE.P
33
DELISTED
Vale S A
VALE.P
$9.79M 0.19%
688,700
-156,900
-19% -$2.08M
ORBK
34
DELISTED
Orbotech Ltd
ORBK
$9.64M 0.19%
804,356
-595,644
-43% -$7.28M
CCEC
35
Capital Clean Energy Carriers
CCEC
$1.36B
$8.51M 0.16%
+134,998
New +$8.73M
PLPC icon
36
Preformed Line Products
PLPC
$2.1B
$7.57M 0.15%
105,181
– –
TSM icon
37
TSMC
TSM
$2.17T
$7.23M 0.14%
426,184
+321,586
+307% +$5.48M
TTM
38
DELISTED
Tata Motors Limited
TTM
$7.12M 0.14%
267,500
-7,300
-3% -$179K
CBD
39
DELISTED
Companhia Brasileira de Distribuicao
CBD
$7.01M 0.13%
152,428
+8,689
+6% +$381K
VIV icon
40
Telefônica Brasil
VIV
$18.3B
$6.78M 0.13%
302,200
+16,500
+6% +$355K
BVN icon
41
Compañía de Minas Buenaventura
BVN
$9.01B
$4.43M 0.09%
378,727
+127,400
+51% +$1.68M
BALT
42
DELISTED
BALTIC TRADING LIMITED COMMON STOCK
BALT
$4.4M 0.08%
900,000
-403,000
-31% -$1.75M
GG
43
DELISTED
Goldcorp Inc
GG
$3.6M 0.07%
138,410
– –
EPR.PRE icon
44
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$3.17M 0.06%
107,500
– –
WH
45
DELISTED
WSP HOLDINGS LTD ADR NEW
WH
$2.92M 0.06%
1,408,800
– –
AMX icon
46
America Movil
AMX
$71.3B
$2.1M 0.04%
+106,127
New +$2.18M
TV icon
47
Televisa
TV
$1.47B
$2.03M 0.04%
72,700
+16,100
+28% +$431K
ABV
48
DELISTED
COMPANHIA BEBIDA ADS EACH REPSTG 1 PFD SH
ABV
$1.81M 0.03%
47,180
+10,492
+29% +$385K
HDB icon
49
HDFC Bank
HDB
$121B
$1.74M 0.03%
226,228
+57,160
+34% +$470K
MBT
50
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$1.62M 0.03%
72,853
+16,100
+28% +$332K
1
2
3

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Howard Marks's Q3 2013 Portfolio in Review

As of Q3 2013, Howard Marks held 177 positions worth $5.2B, up 5.7% from $4.92B the previous quarter. Its ten largest holdings account for 33% of the portfolio.

Howard Marks withdrew a net $2.44B in Q3 2013, closing 9 positions and reducing 11 holdings. Its most notable exit was Caesars Entertainment Corporation, an estimated $28.5M position sold in full.

By sector, the portfolio is most concentrated in Financials at 8.3% of assets, down from 10% a quarter earlier, followed by Industrials and Energy.

Against the trend, Howard Marks opened a new position in MASONITE INTERNATIONAL CORP worth $234M.

  • Howard Marks's largest Q3 2013 buy was MASONITE INTERNATIONAL CORP: 4,778,334 shares worth $234M.
  • Howard Marks added most to E*Trade Financial Corporation in Q3 2013, an estimated $14.7M increase.
  • Howard Marks's biggest Q3 2013 reduction was Charter Communications, cutting an estimated $135M.
  • Howard Marks fully exited Caesars Entertainment Corporation in Q3 2013, selling an estimated $28.5M.
  • Howard Marks's ten largest holdings make up 33% of its $5.2B portfolio in Q3 2013.
  • Howard Marks opened 8 new positions and closed 9 in Q3 2013.
  • Howard Marks's portfolio value rose 5.7% quarter-over-quarter to $5.2B.

Based on Oaktree Capital Management's 13F filing for Q3 2013, filed 8 Nov 2013.